-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Gi2iPv0nGNnnCIJcBCqG0rSzOpfn0Dd4X9jTNhI8NGBX3xLUzNvHbZ5B2jvx9+ax sH9+xtEyZ3z24xqZ+GTwGg== 0000030067-96-000010.txt : 19961115 0000030067-96-000010.hdr.sgml : 19961115 ACCESSION NUMBER: 0000030067-96-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRAVO CORP CENTRAL INDEX KEY: 0000030067 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 250447860 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05642 FILM NUMBER: 96660465 BUSINESS ADDRESS: STREET 1: 3600 ONE OLIVER PLZ CITY: PITTSBURGH STATE: PA ZIP: 15222-2651 BUSINESS PHONE: 2054322651 MAIL ADDRESS: STREET 1: P O BOX 2068 CITY: MOBILE STATE: AL ZIP: 36652 10-Q 1 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended: September 30, 1996 Commission File Number: 1-5642 DRAVO CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 25-0447860 (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification no.) One Oliver Plaza, Pittsburgh, Pennsylvania 15222 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (412) 566-3000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The number of shares outstanding of each of the registrant's classes of common stock as of October 31, 1996: Title of Class Shares Outstanding Common Stock, $1.00 par value 14,763,649 DRAVO CORPORATION AND SUBSIDIARIES INDEX PART I - FINANCIAL INFORMATION Page No. Consolidated Balance Sheets at September 30, 1996 and December 31, 1995 3, 4 Consolidated Statements of Earnings for the Quarters ended September 30, 1996 and 1995 5 Consolidated Statements of Earnings for the Nine Months ended September 30, 1996 and 1995 6 Consolidated Statements of Cash Flows for the Nine Months ended September 30, 1996 and 1995 7, 8 Notes to Consolidated Financial Statements 9 - 12 Management's Discussion and Analysis of Financial Condition and Results of Operations 13, 14 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 15 SIGNATURES 16 -2- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets ($ in 000's) September 30, December 31, 1996 1995 (unaudited)
ASSETS Current assets: Cash and cash equivalents $ 885 $ 1,086 Accounts receivable, net 25,565 24,251 Notes receivable, net 870 1,296 Inventories 15,214 14,194 Net assets of disc. operations -- 923 Other current assets 1,534 1,322 Total current assets 44,068 43,072 Advances to and equity in joint ventures 2,897 2,466 Notes receivable 3,887 3,497 Other assets 24,108 23,205 Deferred income taxes 24,853 24,853 Property, plant and equipment 241,245 225,835 Less: accumulated depreciation and amortization 117,243 109,667 Net property, plant and equipment 124,002 116,168 Total assets $223,815 $213,261
See accompanying notes to consolidated financial statements. -3- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets ($ in 000's) September 30, December 31, 1996 1995 (unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term notes $ 6,138 $ 6,099 Accounts payable - trade 16,736 17,969 Income taxes 37 208 Accrued insurance 1,176 1,639 Accrued retirement contribution 2,930 2,423 Net liabilities of discontinued operations 3,770 -- Other current liabilities 4,619 4,969 Total current liabilities 35,406 33,307 Long-term notes 61,840 64,292 Net liabilities of discontinued operations 9,756 9,517 Other liabilities 8,244 6,290 Redeemable preference stock: Par value $1, issued 200,000 shares: Series D, $12.35 cumulative, convertible, exchangeable (entitled in liquidation to $20.0 million) 20,000 20,000 Shareholders' equity: Preference stock, par value $1, authorized 1,878,870: Series B, $2.475 cumulative, convertible; issued 25,386 shares (entitled in liquidation to $1.4 million); 25 25 Series D, reported above Common stock, par value $1, authorized 35,000,000 shares; issued 15,080,737 and 15,055,237 15,081 15,055 Other capital 61,050 60,818 Retained earnings 16,755 8,464 Treasury stock at cost: Common shares 333,168 and 347,691 (4,342) (4,507) Total shareholders' equity 88,569 79,855 Total liabilities and shareholders' equity $223,815 $213,261
See accompanying notes to consolidated financial statements. -4- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Statements of Earnings (unaudited, $ in 000's, except per share data) Quarters ended September 30, 1996 1995
Revenue $ 40,752 $ 37,774 Cost of revenue 30,217 28,310 Gross profit 10,535 9,464 Selling, general and administrative expenses 5,454 5,440 Earnings from operations 5,081 4,024 Other income (expense): Equity in earnings of joint ventures 234 96 Interest income 6 -- Interest expense (1,575) (970) Net other income (expense) (1,335) (874) Earnings before taxes 3,746 3,150 Provision for income taxes 113 220 Net earnings 3,633 2,930 Preference dividends 633 633 Net earnings available for common shares $ 3,000 $ 2,297 Earnings per share: Operations $ 0.20 $ 0.15 Weighted average shares outstanding 14,936 14,889
See accompanying notes to consolidated financial statements. -5- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Statements of Earnings (unaudited, $ in 000's, except per share data) Nine Months ended September 30, 1996 1995
Revenue $ 118,325 $ 107,376 Cost of revenue 88,707 79,731 Gross profit 29,618 27,645 Selling, general and administrative expenses 15,777 16,133 Earnings from operations 13,841 11,512 Other income (expense): Equity in earnings of joint ventures 702 564 Other income -- 182 Interest income 874 75 Interest expense (4,911) (3,534) Net other income (expense) (3,335) (2,713) Earnings before taxes 10,506 8,799 Provision for income taxes 316 616 Net earnings 10,190 8,183 Preference dividends 1,899 1,901 Net earnings available for common shares $ 8,291 $ 6,282 Earnings per share: Operations $ 0.56 $ 0.42 Weighted average shares outstanding 14,879 14,896
See accompanying notes to consolidated financial statements. -6- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (unaudited, $ in 000's) Nine Months ended September 30, 1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 10,190 $ 8,183 Adjustments to reconcile net earnings to net cash provided (used) by continuing operations activities: Depreciation and amortization 7,744 6,869 Equity in joint ventures (431) 67 Changes in assets and liabilities: Increase in accounts receivable (1,314) (3,171) Decrease in notes receivable 37 472 Increase in inventories (1,020) (641) Decrease (increase) in other current assets (145) 888 Decrease in accounts payable and accrued expenses (1,431) (27,423) Increase (decrease) in taxes payable (171) 485 Increase in other assets (903) (4,358) Increase in other liabilities 1,954 134 Net cash provided (used) by continuing operations activities 14,510 (18,495) Increase (decrease) in net liabilities of discontinued operations 4,932 (11,865) Proceeds from repayment of notes receivable from sale of discontinued operations -- 2,200 Net cash provided (used) by discontinued operations activities 4,932 (9,665) Net cash provided (used) by operating activities 19,442 (28,160) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of assets -- 120,464 Additions to property, plant and equipment (15,528) (27,742) Other, (net) -- 51 Net cash provided (used) by investing activities $(15,528) $ 92,773
See accompanying notes to consolidated financial statements. -7- DRAVO CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (unaudited, $ in 000's) Nine Months ended September 30, 1996 1995
CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowing under revolving credit agreements $ 3,550 $ 22,749 Principal payments under long-term notes (6,014) (85,156) Proceeds from issuance of common stock 248 511 Purchase of treasury stock -- (2,667) Dividends on preference stock (1,899) (1,901) Net cash used by financing activities (4,115) (66,464) Net decrease in cash and cash equivalents (201) (1,851) Cash and cash equivalents at beginning of period 1,086 2,027 Cash and cash equivalents at end of period $ 885 $ 176 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid (received) during the period for: Interest (net of amount capitalized) $ 4,976 $ 3,941 Income tax 487 131
See accompanying notes to consolidated financial statements. -8- DRAVO CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (1) Basis of Presentation The accompanying consolidated financial statements include the accounts of Dravo Corporation and its majority-owned subsidiaries (the company). The principal subsidiary is Dravo Lime Company, one of the nation's largest lime producers. The company completed a transaction on December 30, 1994 in which it sold substantially all the assets and certain liabilities of Dravo Basic Materials Company, Inc. (DBM), a former principal subsidiary. The consolidated cash flow statement for the nine months ended September 30, 1995 reflects the collection of proceeds from the sale of DBM, repayment of debt, and satisfaction of DBM liabilities, primarily accounts payable. Significant intercompany balances and transactions have been eliminated in the consolidation process. These unaudited consolidated financial statements include all adjustments, consisting only of normal, recurring accruals, which management considers necessary for a fair presentation of the company's consolidated financial position, results of operations, and cash flows for the interim periods presented. Certain reclassifications of previously reported balances have been made to conform to the current period's presentation. (2) Inventories Inventories are classified as follows: ($ in 000's) September 30, December 31, 1996 1995
Materials and supplies $ 12,476 $ 12,517 Finished goods 2,738 1,677 Net inventories $ 15,214 $ 14,194
Finished goods are valued at average production cost or market, whichever is lower, and include raw materials, direct labor, and operating overhead. Materials and supplies are valued at average cost. -9- DRAVO CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (3) Contingent Liabilities The company has been notified by the federal Environmental Protection Agency (EPA) that the EPA believes the company is a potentially responsible party (PRP) for the clean-up of soil and groundwater contamination at four sub-sites in Hastings, Nebraska. The Hastings site is one of the EPA's priority sites for taking remedial action under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). At one of these sub-sites, a municipal landfill, the company believes it could not have disposed of hazardous wastes at the particular sub-site because the landfill was closed prior to the time the company's predecessor began disposing of the hazardous substances found at this sub-site. Other PRPs, including the local municipality, have agreed to perform the remedial investigation and to design soil and groundwater remedies at this sub-site. The company is participating in an EPA- initiated allocation proceeding for this sub-site which will allocate shares of liability for costs of a proposed cap of the landfill. The company has also been notified by the EPA that the EPA considers it a PRP at another municipal landfill in Hastings. At least three other parties (including the City of Hastings) are considered by the EPA to be PRPs at this second sub-site. At this sub-site, the company has concluded that the City of Hastings is primarily responsible for a proper closure of the landfill and the remediation of any release of hazardous substances. In January, 1994, EPA invited the company and the other PRPs to make an offer to conduct a remedial investigation and feasibility study (RI/FS) of this sub-site and stated that the EPA was in the process of preparing a work plan for the RI/FS. None of the PRPs has volunteered to undertake the RI/FS. With respect to the third sub-site, the company and two other PRPs have been served with administrative orders directing them to undertake soil remediation and interim groundwater remediation at that sub-site. The company is currently complying with these orders while reserving its right to seek reimbursement from the United States for its costs if it is determined it is not liable for response costs or if it is required to incur costs because of arbitrary, capricious or unreasonable requirements imposed by the EPA. The EPA has taken no legal action with respect to its demand that the company and the other PRPs pay its past response costs. A total of five parties have been named by the EPA as PRPs at this sub-site, but two of them have been granted de minimis status. The company believes other persons should also be named as PRPs. The fourth sub-site is a former naval ammunition depot which was subsequently converted to an industrial park. The company and its predecessor owned and operated a manufacturing facility in this industrial park. To date, the company's investigation indicates that it did not cause the release of hazardous substances at this sub-site during the time it owned and operated the facility. The United States has undertaken to conduct the remediation of this sub-site. -10- DRAVO CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (3) Contingent Liabilities (continued) In addition to sub-site clean-up, the EPA is seeking a clean-up of area-wide contamination associated with all of the sub-sites in and around Hastings, Nebraska. The company, along with other Hastings PRPs, has recommended that the EPA adopt institutional controls as the area-wide remedy in Hastings. The EPA has indicated some interest in this proposal but has decided to first conduct an area-wide remedial investigation before choosing a remedy. On August 10, 1992 the company filed suit in the Alabama District Court against its primary liability insurance carriers and one of its predecessor's insurers, seeking a declaratory judgment that the company is entitled to a defense and indemnity under its contracts of insurance (including certain excess policies provided by one of the primary carriers) with regard to the third Hastings sub-site. The company has settled the claim against its predecessor's insurer, but the case against the company's insurers is still in litigation. An award of punitive damages is also being sought against the company's insurers for their bad faith in failing to investigate the company's claim and/or denying the company's claim. The company has notified its primary and excess general liability carrier, as well as the excess carrier of its predecessor, of the receipt of its notice of potential liability at the first, second and fourth sub-sites. Estimated total clean-up costs, including capital outlays and future maintenance costs for soil and groundwater remediation of approximately $18 million, are based on independent engineering studies. Included in the discontinued operations provision is the company's estimate that it will participate in 33 percent of these remediation costs. The company's estimated share of the costs is based on its assessment of the total clean-up costs, its potential exposure, and the viability of other named PRPs. Other claims and assertions made against the company will be resolved, in the opinion of management, without material additional charges to earnings. The company has asserted claims that management believes to be meritorious, but no estimate can be made at present of the timing or the amount of recovery. -11- DRAVO CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (4) Discontinued Operations In December, 1987, Dravo's Board of Directors approved a major restructuring program which concentrated the company's future direction exclusively on opportunities involving its natural resources business. The remaining discontinued operations' assets and liabilities at September 30, 1996 and December 31, 1995 relate to non-cancelable leases, insurance, environmental, legal and other matters associated with exiting the engineering and construction business and are presented below: ($ in 000's) September 30, December 31, 1996 1995
Current assets: Accounts and retainers receivable $ 323 $ 122 Other -- 7,185 Total current assets 323 7,307 Accounts and retainers receivable -- 333 Other 309 309 Total assets $ 632 $ 7,949 Current liabilities: Accounts and retainers payable $ 146 $ 140 Accrued loss on leases 2,348 2,240 Other 1,599 4,004 Total current liabilities 4,093 6,384 Accrued loss on leases 1,592 3,328 Other 8,473 6,831 Total liabilities $ 14,158 $ 16,543 Net liabilities and accrued loss on leases of discontinued operations $(13,526) $ (8,594)
-12- DRAVO CORPORATION AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations Revenue for the third quarter was $40.8 million, nearly 8 percent higher than last year's quarter. The principal reason for the revenue increase was strong lime demand in the southeastern United States and increased aggregate sales from the company's Longview facility located near Birmingham, Alabama. Longview is a quarry operation and a new aggregates plant completed late last year allowed the company to process cap rock, which must be removed to reach limestone suitable for lime production, into salable sized aggregates. Gross profit was $1.1 million higher than last year and reflected the higher revenue. The current year's gross profit margin of 25.9 percent increased almost 1 percent over last year. Gross profit was impacted, however, by higher inventory costs due to the lingering effects of second quarter delivery interruptions to a major electric utility customer caused by problems at the customer's generating station. The associated shipping and production disruptions increased production costs and, ultimately, cost of sales at the Black River and Maysville, Kentucky operations. Helping to partially offset the higher direct unit production costs were lower overhead expenses associated with employees' medical benefits and workers compensation insurance costs. Joint venture earnings at a 50-percent owned mining operation were $138,000 higher due to last year's unusually high maintenance expenses. Interest expense was $605,000 higher because of higher debt levels, and because the 1995 period benefited from the capitalization of interest charges associated with the Black River expansion project. The higher debt resulted from revolving credit borrowing used to finance the completion of the Black River project and the ongoing expansion, discussed below, at Maysville. Also, the company used the proceeds received from the sale of a former principal subsidiary's assets, Dravo Basic Materials Company, Inc. (DBM) to reduce debt $85 million in 1995. Debt levels subsequently increased as the remaining liabilities of DBM retained by the company were satisfied. Year-to-date net earnings of $10.2 million, or 56 cents per share after preferred dividend payments, were 25 percent higher than the $8.2 million net earnings, or 42 cents per share, reported last year. Revenue for the nine months to date was up $10.9 million due to strong Longview sales and modestly higher sales to the utility lime market made possible by the mid-1995 completion of a major expansion at the company's Black River facility in northern Kentucky. Gross profit increased nearly $2 million on the higher revenue. Interest income was $799,000 higher than last year due to a second quarter refund received from a state taxing authority after the company filed amended tax returns based on its current interpretation of the state tax code. Interest expense was $1.4 million higher due to capital expenditures in 1996 and the lower debt level for part of 1995 resulting from the DBM asset sale. The previously announced $20 million expansion of the company's lime production facility near Maysville, Kentucky continues on schedule. A new kiln and ancillary equipment, expected to start-up late in the first quarter of 1997, will increase Maysville's production capacity by 350,000 tons, or 33 percent. -13- DRAVO CORPORATION AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) On October 18, 1996, the company announced that it had engaged an investment adviser to explore all strategic alternatives that would enable it to achieve its goal of increasing business scope. The company's current size makes operating performance acutely sensitive to major utility lime customers' level of lime utilization. At this time, the company does not know whether or when it may pursue any such alternatives. -14- DRAVO CORPORATION AND SUBSIDIARIES PART II - Other Information Item 6. Exhibits and Reports on Form 8-K (a) Exhibits The following is filed as an exhibit to Part I of this Form 10-Q: Exhibit No. 11 - Statement re computation of per share earnings. (b) Reports on Form 8-K The Company filed no Reports on Form 8-K for the quarter ended September 30, 1996. -15- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DRAVO CORPORATION (Registrant) Date: November 12, 1996 /s/ERNEST F. LADD III Ernest F. Ladd III Executive Vice President and Chief Financial Officer Date: November 12, 1996 /s/LARRY J. WALKER Larry J. Walker Vice President and Controller (Principal Accounting Officer) -16- EX-11 2 Exhibit 11. Statement Re Computation of Per Share Earnings (In 000's, except per share data)
Quarters ended September 30, Primary 1996 1995 Earnings: Net earnings $ 3,633 $ 2,930 Deduct dividends on preference stock 633 633 Net earnings applicable to common stock $ 3,000 $ 2,297 Shares: Weighted average number of common shares outstanding 14,742 14,700 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the average market price for the period) 194 189 Weighted average number of shares outstanding, as adjusted 14,936 14,889 Primary earnings per share $ 0.20 $ 0.15 Fully diluted Earnings: Net earnings $ 3,633 $ 2,930 Deduct dividends on preference stock (1) 633 633 Net earnings applicable to common stock $ 3,000 $ 2,297 Shares: Weighted average number of common shares outstanding 14,742 14,700 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the higher of the closing or the average market price for the period) 194 189 Weighted average number of shares outstanding, as adjusted 14,936 14,889 Fully diluted earnings per share $ 0.20 $ 0.15
-17- Exhibit 11. Statement Re Computation of Per Share Earnings (continued) (In 000's, except per share data)
Quarters ended September 30, Additional Fully Diluted Computation (2) 1996 1995 Earnings: Net earnings $ 3,633 $ 2,930 Shares: Weighted average number of common shares outstanding 14,742 14,700 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the higher of the closing or average market price for the period) 194 189 Shares issuable from assumed exercise of convertible preference stock 1,682 1,682 Weighted average number of shares outstanding, as adjusted 16,618 16,571 Fully diluted earnings per share $ 0.22 $ 0.18
(1) The inclusion of preference stock in the fully dilutive computation would have an anti-dilutive effect on earnings per share. (2) This calculation is submitted in accordance with Securities Exchange Act of 1934, Regulation S-K, paragraph 229.601 (b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces an anti-dilutive result. -18- Exhibit 11. Statement Re Computation of Per Share Earnings (In 000's, except per share data)
Nine Months ended September 30, Primary 1996 1995 Earnings: Net earnings $10,190 $ 8,183 Deduct dividends on preference stock 1,899 1,901 Net earnings applicable to common stock $ 8,291 $ 6,282 Shares: Weighted average number of common shares outstanding 14,726 14,771 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the average market price for the period) 153 125 Weighted average number of shares outstanding, as adjusted 14,879 14,896 Net earnings per share $ 0.56 $ .42 Fully diluted Earnings: Net earnings $10,190 $ 8,183 Deduct dividends on preference stock (1) 1,899 1,901 Net earnings applicable to common stock $ 8,291 $ 6,282 Shares: Weighted average number of common shares outstanding 14,726 14,771 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the higher of the closing or the average market price for the period) 177 125 Weighted average number of shares outstanding, as adjusted 14,903 14,896 Fully diluted earnings per share: $ 0.56 $ 0.42
-19- Exhibit 11. Statement Re Computation of Per Share Earnings (continued) (In 000's, except per share data)
Nine Months ended September 30, 1996 1995 Additional Fully Diluted Computation (2) Earnings: Net earnings $10,190 $ 8,183 Shares: Weighted average number of common shares outstanding 14,726 14,771 Dilutive effect of outstanding options and rights (as determined by the application of the treasury stock method at the higher of the closing or average market price for the period) 177 125 Shares issuable from assumed exercise of convertible preference stock 1,682 1,686 Weighted average number of shares outstanding, as adjusted 16,585 16,582 Fully diluted earnings per share $ 0.61 $ 0.49
(1) The inclusion of preference stock in the fully dilutive computation would have an anti-dilutive effect on earnings per share. (2) This calculation is submitted in accordance with Securities Exchange Act of 1934, Regulation S-K, paragraph 229.601 (b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces an anti-dilutive result. -20- EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM DRAVO CORPORATION'S SEPTEMBER 30, 1996 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1000 9-MOS DEC-31-1996 SEP-30-1996 885 0 26578 143 15214 42820 241245 117243 223815 35406 0 15081 20000 25 73463 223815 118325 118325 88707 88707 0 0 4911 10506 316 10190 0 0 0 10190 .56 0
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